South African financial technology innovator, Ukheshe, has made a significant update to its Scan to Pay application by incorporating cryptocurrency payments.
Previously known as Masterpass, the app has a vast network of over 600,000 merchants, 14 major banks, numerous fintech organizations, and 94 payment service providers. This move by Ukheshe is seen as a major step in introducing cryptocurrency payment options to a wider audience in South Africa.
The company has announced a collaboration with Xion Global, a renowned service provider, to seamlessly unite traditional and cryptocurrency transactions.
Tracy-Lee Schoeman, the head of loyalty and rewards at Ukheshe, discussed the potential of cryptocurrency payments to transform the financial transaction space. She emphasized the benefits of reduced fees, faster settlement periods, and increased financial independence.
Ukheshe aims to provide these advantages through their Scan to Pay app. Ukheshe’s partnership with crypto expert, Xion Global, led by CEO, Ronan Quarmby, is expected to bring about a significant change in South Africa.
Quarmby predicts that approximately 12.5% of the country’s population owns cryptocurrency. To help users understand how the crypto solution works, Ukheshe has provided a detailed explanation.
The payment process closely resembles traditional payment methods, allowing users to connect their Metamask wallet, scan a QR code on their receipt, confirm the transaction amount in the Scan to Pay app, choose the ‘pay with crypto voucher’ option, and complete the transaction with a single click.
Furthermore, Xion Global offers robust security features, including Anti-Money Laundering (AML) checks, Know Your Customer (KYC) verification, Know Your Business (KYB) assessments, and Know Your Transaction (KYT) monitoring. These measures aim to protect against unauthorized access to funds and prevent fraudulent activities by merchants.
In conclusion, the integration of cryptocurrency payments into Ukheshe’s Scan to Pay app, in collaboration with Xion Global, represents a significant milestone in the South African fintech industry.
The advancement mentioned above expands financial opportunities for a wide range of people and emphasizes the changing landscape of digital payments. This progress sets the stage for a future that is both more secure and easier to access in terms of finances.